STOP BUYING MINING HARDWARE

[seriouscoin]

OP, why would i stop buying mining hardware MANG?

I mean yo, i paid for this super computer box and i can print money forever yo. That is the SHIT yo no wut am sayin?

Its like free money homie. PEACE OUT YO

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[PSCQQSCQQP]

As it is right now he is absolutely correct in the sense that mining at the current and projected daily rates will not pay off, which is probably why there are SO MANY people trying to sell the S2's on ebay for a fifth of what they originally sold for, I do have a confession to make though- I currently don't have to pay for electric so there is no loss on that aspect for me personally and I got mine on ebay for $400/shipped and then did a chargeback so I technically got the equipment for free as well. I know what I did is despicable but I made out alright with it so far and the seller didn't seem to care much... Even at 1000.00GH/s, I only manage to mine roughly 0.02-0.03 btc daily so at the current rate it's about $8.00-$10.00 in a 24 hour period, it's worth it for ME because the electric is free, and the equipment was essentially free for me as well so I have been making money with it since I got it but for the average user the electricity costs will far outweigh what you can mine, even on a large scale operation with one exception, if the value of even 1 btc rises from the current avg of $370 up to say 10,000 in one day then you will make an enormous amount of money off one btc, and it's happened in the past where 1 btc skyrocketed from around $250 to $1000 in a day then steadily declined over the next few days and it's been forcasted from a btc enthusiast that one day the btc will skyrocket at some point in the next couple of years so it's a good assumption to save the btc you have mined and wait for the price to at the very least double, then payout or buy whatever it is you want, so in some aspects as the way things are currently it is not economically feasible for most people but there is the off chance that when the right time comes and one btc triples in value overnight that expensive gear will have more than paid itself off. So it's a game of chance really for people that haven't purchased mining equipment yet. And with the newly released S4 for like $3,000.00+, you would be better off getting 2 x S2's for $500 each on ebay and still mine the same amount as 1 S4, to me that price point just doesn't make sense just because it's new. 1 S4 mines @ 2TH/s, and the S2 mines @ 1TH/s so it makes more economical sense to buy 2 S2's IF you plan on mining, which right now really will put you in the hole money wise.

[seriouscoin]

As it is right now he is absolutely correct in the sense that mining at the current and projected daily rates will not pay off, which is probably why there are SO MANY people trying to sell the S2's on ebay for a fifth of what they originally sold for, I do have a confession to make though- I currently don't have to pay for electric so there is no loss on that aspect for me personally and I got mine on ebay for $400/shipped and then did a chargeback so I technically got the equipment for free as well. I know what I did is despicable but I made out alright with it so far and the seller didn't seem to care much... Even at 1000.00GH/s, I only manage to mine roughly 0.02-0.03 btc daily so at the current rate it's about $8.00-$10.00 in a 24 hour period, it's worth it for ME because the electric is free, and the equipment was essentially free for me as well so I have been making money with it since I got it but for the average user the electricity costs will far outweigh what you can mine, even on a large scale operation with one exception, if the value of even 1 btc rises from the current avg of $370 up to say 10,000 in one day then you will make an enormous amount of money off one btc, and it's happened in the past where 1 btc skyrocketed from around $250 to $1000 in a day then steadily declined over the next few days and it's been forcasted from a btc enthusiast that one day the btc will skyrocket at some point in the next couple of years so it's a good assumption to save the btc you have mined and wait for the price to at the very least double, then payout or buy whatever it is you want, so in some aspects as the way things are currently it is not economically feasible for most people but there is the off chance that when the right time comes and one btc triples in value overnight that expensive gear will have more than paid itself off. So it's a game of chance really for people that haven't purchased mining equipment yet. And with the newly released S4 for like $3,000.00+, you would be better off getting 2 x S2's for $500 each on ebay and still mine the same amount as 1 S4, to me that price point just doesn't make sense just because it's new. 1 S4 mines @ 2TH/s, and the S2 mines @ 1TH/s so it makes more economical sense to buy 2 S2's IF you plan on mining, which right now really will put you in the hole money wise.

Go and "buy" more on ebay man, get like 10 more

[-ck]

I wish he'd buy some punctuation.

[seriouscoin]

I wish he'd buy some punctuation.

He cant do charge back on those since they're digital, 

[ScryptAsic]

I'm gunna poke a stick into this beehive and run 

If you are a miner at any scale, like most jobs, you must do it better and cheaper than anyone else doing your same job if you want to come out on top. There is no system in the world that guarantees everyone will be a winner.

This is accurate. If anyone has the mistaken illusion that home mining is possible at scale, then they are deluded. That said, home mining is a GREAT way to get started. Proof of concept and learning. From there though you MUST have a plan to scale your setup out into larger environments. Its the only way you can ever hope to make any kind of money mining. Industrial mines are ultimatly where things are going. This is not for the lazy or easy money types. It requires work.

The only way that home mining is possible to be profitable is if someone were to buy miners on the secondary market from people who are in need of immediate money and are willing to sell at a discount.

It would also likely be necessary to buy in places where the temperature tends to be hot and the cost of electricity is relatively high, and to move them to places where the temperature tends to be lower and the cost of electricity would be lower. This would generally allow for someone to buy at somewhat lower prices

[mblados]

its not profitable to buy mining hardwares this days to mine bitcoins 

It is still profitable and Bitcoin is not the only one to mine - there are other altcoins.

[Searing]

its not profitable to buy mining hardwares this days to mine bitcoins 

It is still profitable and Bitcoin is not the only one to mine - there are other altcoins.

well not at my kwh rate of 15c/kwh......the ave rate of the usa by the way....the puppy don't fly ...
some other places nw usa with hydro elec at 5c/kwh maybe

[CoinBreader]

the plan is simple get a 2TH mining rig , step in to the time machine go back to 2009, start mining & buy btc for 30cent,
done oh! and remember to start selling from 800ish and above   


http://www.timemachineforsale.com/photos.html

[Bicknellski]

I wish he'd buy some punctuation.

I think you mean paragraphs?

Plenty of punctuation present.

Possibly he could have put in some point form and shortened the length of this text wall.

He is right on the money otherwise. Let me break it down.

Focus: Mining at the current and projected daily rates will not pay off.

Response: S2s being dumped for a fifth of what they originally sold for.

Situation: Background as to why he has done alright including questionable scam like activity on eBay on a charge-back and kept the miner etc blah blah and free electricity blah blah blah and he basically came out on top with free miner and zero running costs blah blah blah look at me I am cool right.

Conclusion: Find the best deal you can, if you are new miner, go on eBay get some S2s dirt cheap and get some free electricity but even then for the most part you would just be putting yourself in the hole. Bottom line no money to be made especially when I am scamming people out of their S2s.

[droizs]

Well, I invest in 4 S3+ total 1080€ more 180€ for 2 PSU's. It's been almost 1 month since i i've turned them on.

The main reasons i still didn't turn them off:

1st- I made a investment, now i have to take the risk of keeping them turned on if i want to have a chance of making ROI (this is only depending on BTC value speculation);

2nd- I don´t pay the electricity bill.

3rd- The 4 S3+ were installed in a very cold and large office, and i can tell that the temperature maybe raised about 6/7 ºC or more and now we don't need the 2000W AC to be turned on in the cold winter, and even the AC would't heat the hole office and only see the temperature difference after 30/40 min after turning the AC. Now we have a nice ambient temperature in the room without the AC.

4th- I like when new people get in the office and ask me for what are the "machines" for, and i say "They are computers that make money" XDD.

5th- Cause i believe(or want to believe) that mining and cryptcurrency will grow in a near future.

[kimosan]

its not profitable to buy mining hardwares this days to mine bitcoins 

It is still profitable and Bitcoin is not the only one to mine - there are other altcoins.

This, mine some of them there altcoins. Jeebus knows there are enough of the damned things...

[norgan]

Personally I buy my hardware cheap and run it on cheap power. For me I have ROI'd on 2 S1's and now have 2 S3's. I should ROI on those in about 2-3 months.

Mining can work but you need free or next to free power and you need to buy hardware 2nd hand from miners who have given up, spent to much and desperate to get rid or have mined something and ok with selling at a loss.

New hardware is a mugs game, i don't know how anyone could ROI on new hardware costs.

[byronbb]

Thread title gave me a good laugh. Of course you are right but the lizard brain won't listen. Do you think a degenerate gambler has never heard that the house has them in the long run? The history of the American railroads is one of endless cons and swindles, but the railroads were built. At the end of the day, capital is going to flow into bitcoin from people who will never see a return, so I guess what I am telling you is to not worry and let fools be fooled.

[Sythyn]

its not profitable to buy mining hardwares this days to mine bitcoins 

It is still profitable and Bitcoin is not the only one to mine - there are other altcoins.

This, mine some of them there altcoins. Jeebus knows there are enough of the damned things...

Altcoin mining is a losing game. The price of alts will decline over time and as a result the EV of altcoin mining will decline over time at a greater rate then the EV of mining bitcoin (as altcoins will have their difficulty increase just as bitcoin will)